Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UPDATE 1-CannTrust says reviewing options, including sale

Published 2019-07-31, 08:02 a/m
© Reuters.  UPDATE 1-CannTrust says reviewing options, including sale
CNTTQ
-

(Adds details from statement, background)

July 31 (Reuters) - Marijuana producer CannTrust Holdings Inc TRST.TO said on Wednesday it was exploring a possible sale, days after it fired its top boss following an investigation by Health Canada that showed the company grew cannabis in unlicensed rooms.

The company named Robert Marcovitch, who is chairing a special committee looking into CannTrust's non-compliance with Health Canada regulations, as its interim CEO.

Canntrust, which had a market value of C$401 million as of Tuesday's close, said on Wednesday it had hired Greenhill & Co. Canada Ltd as financial adviser to assist in its review of alternatives. said the financial impact of the Health Canada disclosure was still unknown, but added that it was preparing to make additional operational changes in the weeks ahead.

U.S.-listed shares of the company CTST.N rose about 9% to $2.35 in premarket trade.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.